The chief executive of RSA Insurance Group's Irish unit, Philip Smith, has resigned.
In a statement, Mr Smith said he was made a "fall-guy" amid an internal investigation into the insurer's accounting practices, which left it impossible for him to achieve justice and fairness.
He said he was left with no other option but to resign.
"My family and I have been truly traumatised by recent events and I have taken this most difficult of decisions in the best interests of my family," he said.
Mr Smith added that resigning offered him the opportunity to pursue justice outside what he called "the current flawed process".
The 45 year old, who became CEO of RSA's Irish business in 2007, and two other executives - its chief financial officer Rory O'Connor and claims director Peter Burke - were placed on leave on November 8 pending an internal investigation of accounting practices at the unit.
RSA said no findings had been made against any individuals at the time.
RSA the same day injected €100m of capital into the business to keep the solvency ratio, a measure of its capacity to absorb losses, above 200%.
RSA shares have slumped about 12% since it first announced the probe on November 8. They have dropped 15% this year, giving the London-based insurer a market value of £3.9 billion.
The British non-life insurer is investigating whether the Irish unit reported the amount of premiums paid to the company earlier than it should have, which could increase profitability. It is also looking at the timing of when the unit set aside reserves for insurance claims.
Smith said he served the Irish unit "well, operating at all times under group direction and policy to the best of my professional judgment and integrity."
The Irish unit's parent group said that that it had received Mr Smith's resignation, which is effective immediately.
The RSA Insurance Group said that no severance payment has been made to Mr Smith. It added that it will continue to work with the Central Bank on the investigation.
It said it had started the search for a new CEO for its Irish operations and said that Adrian Brown, currently CEO UK and Western Europe, will continues to operate as acting CEO of RSA Ireland for the time being.
Anda sedang membaca artikel tentang
RSA Ireland's chief executive resigns
Dengan url
http://newsdeadlineup.blogspot.com/2013/11/rsa-irelands-chief-executive-resigns.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
RSA Ireland's chief executive resigns
namun jangan lupa untuk meletakkan link
RSA Ireland's chief executive resigns
sebagai sumbernya
0 komentar:
Posting Komentar